China says Trump 'misleading' people linking trade deal, slowing economy

Chart Showing Outlook For Global Economy in 2019

China's economy grows at slowest pace since 1990s

President Donald Trump on July 15 pointed to China's flagging economic growth amid resumed trade talks between the two countries, saying that Beijing "wants to makes a deal" due to the negative effects of USA tariffs.

U.S. President Donald Trump on Monday seized on slowing economic growth in China as evidence that U.S. tariffs were having "a major effect" and warned that Washington could pile on more pressure as bilateral trade talks sputtered along.

The second quarter was the slowest pace of economic growth since the government began publishing official statistics in 1992. "In the meantime, we are receiving Billions of Dollars in Tariffs from China, with possibly much more to come", he continued in a second tweet.

Investment in real estate development rose 10.9% (link in Chinese) from a year earlier in the first half of 2019, down from 11.2% growth in the first five months and marking the slowest growth since the January-to-February period.

President Donald Trump and his Chinese counterpart last month agreed to resume trade talks after discussions collapsed in early May when the American side accused Beijing of reneging on key commitments.

The United States now has imposed tariffs of 25 percent on $250 billion of Chinese goods. That agreement, announced after the leaders of the world's two largest economies met in Osaka, Japan, was aimed at kickstarting stalled negotiations, but no deadline has been set for the process to conclude.

One source familiar with the negotiations said the USA side wants China to clarify what negotiating document will form the basis for further talks before locking in a firm date for the in-person meeting.

Hu Xijin, editor of the widely-read Chinese tabloid Global Times, published by the ruling Communist Party's official People's Daily, responded on Twitter to Trump's comment, asking if it was "noble for a president to gloat".

"These Tariffs are paid for by China devaluing & pumping, not by the US taxpayer!" he claimed.

U.S. Treasury Secretary Steven Mnuchin gives a briefing on cryptocurrency at the White House in Washington, U.S., July 15, 2019. "Chinese economic growth slows down because of restructuring. The credit doesn't go to the White House".

The spokesperson also downplayed the impact of trade, . stressing the Chinese economy relies on consumption. "These irrefutable facts are not negated by anyone raising a hubbub".

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